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Diary Today (19659002) Coming to Your Wage
Photographer: David McNew / Getty Images North America
Bubbling Crude
Oil Becomes a Problem
Today But have recently reached their highest levels in nearly four years, more than doubled from the background of an accident a few years ago. Prices are not yet catastrophically high – at around $ 74 a barrel, they are still much lower than the $ 100 or so earlier this decade, when the economy was on a darker ground. (And if you want society to swear fossil fuels, then $ 74 is not high enough.)
But oil is expensive enough that many people, including the world's most important person, President Donald Trump, notice. Trump has tweeted his anger over this situation several times, including a recent statement that he had convinced Saudi Arabia to pump more oil. It's … not how it works; The friends of OPEC in Saudi Arabia must at least claim to agree with such a thing. And they recently agreed to pump more, partly in response to another Trump tweet. But oil prices exploded anyway, pushing up gas prices, "timed exquisitely for the half-time of November," Liam Denning writes . He notes that the entire episode illustrates how little Trump controls, or even understands, the oil market.
In fact, Trump's policy of restricting Iran's oil exports worries the market, while Venezuela's ineptitude paralyzed its own production and bottlenecks in infrastructure impede the market. American shale (for the moment). Add it all, and it starts to look like an oil shock that could end up crushing prices, but by destroying demand first, warns David Fickling . The oil shocks do not last long, but they often make recessions with them Electric Feel
Another thing that oil price shocks do, is that people are looking for alternatives. That's why it's a good time for that a cartel of oil buyers come together to boost the use of the electric car and others. ways to consume less oil, writes Carl Pope . China and India are already talking about such a thing, and Europe and Japan could be convinced to go there (forget about the United States, Trump is not a carpenter").
Such a club could be good news for, say, electric car manufacturer Tesla Inc. – even though it remains to be seen if Tesla will ever be able to produce enough cars to get the most out of it. The company used a manufacturing "jolt" to finally reach its model 3 target production, but Liam Denning wonders whether this is sustainable or profitable.
Stop the Gerrymandering Madness
Partisan gerrymandering of congressional districts is one of the least democratic features of our democracy. Recently, the Supreme Court did not want to rule on the constitutionality of such measures, but the Bloomberg editors suggest that the best way to solve this problem is to form panels of neutral citizens in each state. Casualties Mount
The stock market briefly tumbled this morning because of concerns over Trump's threats to continue the world-wide trade wars. It has rebounded, but such action should give a pause to the administration – the political repercussions will surely increase once the trade wars begin to hit retirement accounts, writes Stephen Gandel .
But Trump's targets should not feel too comfortable – especially German builders who could be subject to massive tariffs, writes Chris Bryant (although automakers and American workers are suffering too).
In China, meanwhile, its support to auto parts manufacturers could make its manufacturing base more resilient, writes Anjani Trivedi . This is still not a fair player on the trade; his winnowing of a "negative" list of prohibited foreign investments is all for the show – but at least that is going in the right direction, writes David Fickling .
The problem of transportation
alternatives to oil: Sharing scooters is suddenly a big thing. Virginia Postrel and Nathaniel Bullard discuss this phenomenon and its future (triggering a warning for frequent use of the word "meatspace").
Leonid Bershidsky ]
Chart Attack
Dell Technologies Inc. has just undergone a complicated overhaul of the financial structure, which means that ridesharing services and sharing (including, it is believed, sharing scooters) to solve problems with its previous convoluted financial structure. This configuration may not be sustainable either, warn Brooke Sutherland and Shira Ovide .
Amazon.com Inc. quickly closed what was a huge valuation gap between Apple Inc. and it, as the two are heading towards a ridiculous $ 1 trillion market capitalization – a sign of the dramatic rise in trust [en19659035] very little time, writes Shira Ovide .
Speed Round
Do not mix religion and politics with Thanksgiving dinner, or with investment. – Barry Ritholtz
"The President ordered something inept, he's not going to get what he wanted, and everyone in the administration has [19659034] Egg on their faces on. "- Jonathan Bernstein
It's hard out there for an ever-Trump Republican. – Al Hunt
The Western strategy against the Iranian mullahs should hurt those in power, not the people. – Eli Lake
Do not be afraid of the new socialism; it's more evolution than the revolution. – Noah Smith
Putin should fear that the Russian World Cup team is doing too well against impossible obstacles – this could give citizens ideas. Leonid Bershidsky
ICYMI
Stocks embossed. Michael Cohen warned. The Congress, in a confrontation with Trump, faded
Kickers
Pitchfork tells the story of girls' groups, in 45 songs
How to be in a group without can sing or play an instrument
How Juggalos defeat facial recognition technology
Should you protect yourself from the abominable beliefs of others?
Vulture speaks to David Lynch.
Note: Please send your corpse painting, suggestions and suggestions to Mark Gongloff at [email protected]
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Timothy L. O. Brien at tobrien46 @ bloomberg .net
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